23 Jul 2013
GBP/USD retreats back into negative territory
FXstreet.com (New York) - The GBP/USD foreign exchange rate capped at the 1.5376 level recently, thereby erasing its gains and retreating back into negative territory Tuesday.
At the time of writing, the GBP/USD is now settling near at 1.5354, presently incurring a marginal loss of -0.04% off its opening during US trading. Technically speaking, the GBP/USD will encounter supportive means at 1.5323, ahead of 1.5297, and finally 1.5275, calculates the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD dropped slightly, after being affected by overbought signals, touching levels close to 61.8% correction. Stabilizing above 1.5280 forces us to hold on to our positive expectations especially that the pair is trading within the technical formation that tends slightly to the upside.”
At the time of writing, the GBP/USD is now settling near at 1.5354, presently incurring a marginal loss of -0.04% off its opening during US trading. Technically speaking, the GBP/USD will encounter supportive means at 1.5323, ahead of 1.5297, and finally 1.5275, calculates the Danske Research team.
GBP/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/USD dropped slightly, after being affected by overbought signals, touching levels close to 61.8% correction. Stabilizing above 1.5280 forces us to hold on to our positive expectations especially that the pair is trading within the technical formation that tends slightly to the upside.”